Opinion

First National Bank v. Rushton

  • 251 Ark. 74
  • 472 S.W.2d 945
  • 1971 Ark. LEXIS 1098
Court
Supreme Court of Arkansas
Filed
Oct 4, 1971
Status
Published
Author
Smith
On the bench
Fogleman, Grant, Smith
Cited by
0 cases

The opinion

Supplemental opinion on rehearing delivered November 8, 1971

Banks & banking — director’s duty as fiduciary, violation of — sufficiency of evidence. — Rehearing denied where the proof failed to show bank director was aware of the bank’s loan limit at the time the events were taking place, and the proof failed to establish a violation of director’s common law or statutory duty as a fiduciary.

George Rose Smith, Justice, on rehearing. The appellant now calls attention to a sentence in Dr. Rushton’s testimony, in which he stated that the bank’s loan limit was $100,000.00. Of course Dr. Rushton learned that fact during the first trial of this case, but there is no direct proof that he was aware of it when the events were taking place. As we indicated in our opinion, that question^was not developed at the trial.

It is also argued on rehearing that we overlooked the appellant’s contention that Dr. Rushton violated his common law duty as a fiduciary, as well as his statutory duty. The point was not overlooked. It was and is our view that the proof did not establish a violation of either duty; so there was no reason for us to make any distinction between the two.

Rehearing denied.

Fogleman, J., would grant the rehearing.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.

A word about cookies

We need a few to keep you signed in and the library working. The rest help us see which pages people use and where they get stuck. They stay off unless you say yes.